According to Andrew Oliver (Retro Gamer #2), the game was developed in only one month. He also mentioned that it was the most successful of all Dizzy games.
Interesting fact is that an alternative title "Dizzy 3" was only used in 8-bit versions of this game and it was visible throughout the whole game in the status bar at the top of the screen (check screenshots). 16-bit versions never mentioned that information in any place of the game. Add